A far left agenda to end defict

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TRUTH OUT:

  1. Repeal the Bush tax cuts on all capital incomes (capital gains, dividends, interest, inheritance) and related corporate tax cuts for accelerated depreciation and credits.
  2. Restore the capital gains and dividends tax rates, from their current 15 percent to their levels of 70 percent in 1980.
  3. Restore the top income bracket personal income tax rate to the 70 percent from 1980.
  4. End tax loopholes for corporations and millionaires.
  5. Lift the annual income cap on the Social Security payroll tax for all earned income (wages and salaries) above its current $106,800 ceiling. Extend the 12.4 percent payroll tax to all capital incomes over $100,000 per year. (Note: per the Social Security Trustees, this would provide 150 percent of what is needed to resolve all funding issues for Social Security retirement and disability benefits.)
  6. Increase the Medicare payroll tax by 0.25 percent, from its current 1.45 percent, for both employees and employers over the next ten years. Add a second 0.25 percent for each in 2022. (Note: per the Social Security trustees, this would resolve all funding problems for Medicare.)
  7. End multinational corporations’ offshore tax fraud. Make multinational corporations bring back their $1 trillion current cash hoard in their offshore subsidiaries and pay their 35 percent tax. If they refuse, place a 50 percent tariff on all their imported goods to the United States.
  8. Repatriate wealthy investors’ $4 trillion illegally sheltered hoard now in 27 offshore tax havens identified by the IRS and pay their legally required taxes. If they refuse to repatriate within 90 days, impose 10 percent penalties for consecutive 90 days. If the 27 countries’ tax havens refuse to cooperate in the repatriation, freeze their assets in the US until they comply.
  9. Stop the states’ corporate tax cut competition and tax revenue “race to the bottom.” Introduce a federal “State Corporate Relocation Equalization” tax to even out state-to-state corporate tax differentials. Use the federal revenue from the equalization for state job training.
  10. Tax the banksters (commercial and noncommercial banks). Levy a three-part financial transactions tax as follows: 1. A tax of 10 cents on all common stock trades. 2. A tax of $1 per $1,000 value for all corporate bond sales. 3. A tax of 5 cents per dollar value on all forms of derivatives trading and swaps by counterparties.
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